{"id":44366,"date":"2023-06-11T11:00:28","date_gmt":"2023-06-11T11:00:28","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report"},"modified":"2023-06-11T11:14:14","modified_gmt":"2023-06-11T11:14:14","slug":"africas-biggest-economies-responsible-for-continents-slow-economic-growth-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report","title":{"rendered":"Africa\u2019s biggest economies responsible for continent\u2019s slow economic growth \u2013 Report"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Nigeria, South Africa and Egypt- the three biggest economies in Africa contributed significantly to the continent\u2019s slow pace of economic growth in the decade between 2010 and 2019.<\/p>\n

This is according to a report by McKinsey Global Institute titled Reimagining Economic Growth in Africa: Turning Diversity into Opportunities.<\/p>\n

According to the report, there is a wide variation of economic growth in the continent. While some countries have experienced consistent economic growth, others have seen recent setbacks in growth. The continent\u2019s three biggest economies fell into categories the report tagged \u201crecent slowdown\u201d or \u201cslow growers\u201d.<\/p>\n

Egypt and Nigeria who had an average GDP growth rate of 4.8% and 7.9% r respectively between 2000 and 2010 have seen average growth rate shrink to 3.6% for Egypt and 3.1% for Nigeria in the decade between 2010 and 2019. South Africa- the continent\u2019s third super economy fell into the \u201cslow growers\u201d category.<\/p>\n

The country had an average GDP growth rate of 3.5% in the first decade of the millennium and 1.6% for the decade between 2010 and 2019.<\/p>\n

African countries had a consistent GDP growth rate between 2000 and 2019.<\/b><\/p>\n

On the other hand, the smaller countries on the continent have experienced consistent economic growth. Countries like Ethiopia, Ghana, Uganda, Zambia etc. have grown their GDP consistently grow in the years between 2000 and 2019. They have averaged around 4.2% economic growth in the first two decades of this century.<\/p>\n

The report noted that \u201cAlmost half of Africa\u2019s people live in countries where GDP growth between 2010 and 2019 exceeded the continent\u2019s average growth rate of 4.2 per cent since 2000. These countries, which fall into clusters we call \u201cconsistent growers\u201d and \u201crecent accelerators,\u201d were largely midsize economies that benefited from higher-than-average increases in investment, exports, and urbanization, which increased productivity. These countries offer valuable models for the continent to emulate.<\/p>\n

The other half of the African population lives in countries that grew more slowly over the past decade, including the continent\u2019s three largest economies\u2014Egypt, Nigeria, and South Africa\u2014as well as ten of the smallest countries on the continent<\/p>\n

Together, those countries, which fall into our \u201crecent slowdown\u201d and \u201cslow growers\u201d clusters, accounted for almost 75 per cent of the continent\u2019s GDP in 2019. Increasing their productivity is imperative to restoring Africa\u2019s economic vitality.\u201d<\/p>\n

Further analysis of sectors witnessing huge growth in Africa.<\/b><\/p>\n

The report also delved into the structure of Africa\u2019s economy and the industries driving growth. According to the study, the service industry has seen more growth in jobs and contribution to the continent\u2019s economy when compared to agriculture and industry.<\/p>\n

It went further to say,<\/p>\n

\u201cThe African economy has undergone a profound structural shift to services over the past 20 years, as people left work in the fields to take jobs in trade and other services in cities. Reflecting that shift, employment in services increased from 30 per cent to 39 per cent over that period, although in 2019, half the African workforce remained in agriculture.\u201d<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Nigeria, South Africa and Egypt- the three biggest economies in Africa contributed significantly to the continent\u2019s slow pace of economic growth in the decade between 2010 and 2019. This is according to a report by McKinsey Global Institute titled Reimagining Economic Growth in Africa: Turning Diversity into Opportunities. According to the report, […]<\/p>\n","protected":false},"author":84,"featured_media":44365,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-44366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nAfrica\u2019s biggest economies responsible for continent\u2019s slow economic growth \u2013 Report - Rwanda<\/title>\n<meta name=\"description\" content=\"Nigeria, South Africa and Egypt- the three biggest economies in Africa contributed significantly to the continent\u2019s slow ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa\u2019s biggest economies responsible for continent\u2019s slow economic growth \u2013 Report\" \/>\n<meta property=\"og:description\" content=\"Nigeria, South Africa and Egypt- the three biggest economies in Africa contributed significantly to the continent\u2019s slow ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-11T11:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-11T11:14:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/06\/sm_1686469233.483863.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Africa\u2019s biggest economies responsible for continent\u2019s slow economic growth \u2013 Report\",\"datePublished\":\"2023-06-11T11:00:28+00:00\",\"dateModified\":\"2023-06-11T11:14:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\"},\"wordCount\":502,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2023\/06\/sm_1686469233.483863.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/africas-biggest-economies-responsible-for-continents-slow-economic-growth-report\",\"name\":\"Africa\u2019s biggest economies responsible for continent\u2019s slow economic growth \u2013 Report - 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